Wednesday, 13 December, 2017

Saudi Arabia invests $1bn

Russia cuts oil output by 346,000 bpd in Sept Novak All Is Well With Cutbacks, Oil Price Equilibrium is "In Sight": OPEC
Erik Tate | 07 October, 2017, 00:08

Russian President Vladimir Putin said Wednesday a global military strike to disarm North Korea is "indeed" possible, But he also contended the results would be unpredictable given it is a "closed country" and full information on the location of its weapons isn't available.

King Salman of Saudi Arabia will visit Russian Federation on Thursday, senior Kremlin aide Yury Ushakov was quoted by the TASS news agency as saying.

Saudi Arabia wants to establish an global center to fight terrorism under the aegis of the United Nations, Salman said.

The Saudi king's visit will end on October 8.

"Those who want to talk with North Korea by force are making the North Korean regime stronger", Putin said.

The minister is optimistic about the potential rebalancing of the oil market and added that prices would be determined by the market.

UKIP party elects fourth leader in a year
He has said he will have conversations with Ms Waters, Mr Farage and Mr Banks about their futures with the party. A source told express.co.uk: "If Anne Marie Waters win the party won't exist in its current form in two years".

The visits come a month before members of the OPEC oil cartel, of which Saudi Arabia is the biggest producer, are due to meet with the non-OPEC countries that have joined them in cutting crude output.

The huge Saudi investment will fund and contribute towards both technology and energy projects, including the construction of a small hydro power plant, logistics companies and building complexes. "We also see a slight rise in consumption of petroleum products in Russian Federation, by less than 1%, which is in line with the common trend", he said.

The success of the collaboration between the world's two largest oil exporters is clear, said Saudi Minister of Energy and Industry Khalid Al-Falih.

The King has landed at the Vnukovo Airport near the Russian capital. Amin Nasser, CEO of Saudi oil giant Aramco, will be there.

While they are partners on the oil market, on the foreign policy front, Moscow and Riyadh are on opposite sides of the war in Syria, with Russian Federation supporting President Bashar al-Assad while Saudi Arabia supports the opposition. It has allocated 191 billion riyals ($51 billion), or 21% of its 2017 budget, to military spending.

Saudi Arabia does most of its trading with the United States but may be looking to diversify that.

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